The Australian stock market fell on Tuesday, despite gains on Wall Street, while European markets have been mostly lower. Meeting minutes provided insight into the Reserve Bank’s decision to pause rate hikes in April, revealing it was a close call. Subscribe: Read more here:

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BREAKING: Recession News

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Deloitte, one of the world’s leading consultancy firms, has recently come out with its latest report on the Australian economy. The report, which covers the period from 2021 to 2022, highlights two important trends that are likely to shape the country’s economic landscape in the near future.

The first trend identified by Deloitte is the possibility of a consumer recession. According to the report, the COVID-19 pandemic has taken a toll on the overall confidence of Australian consumers, and this, in turn, is likely to result in a contraction in spending. The report notes that while the government’s stimulus measures have helped prop up the economy thus far, the removal of these measures could lead to a sharp decline in consumer demand.

The report predicts that this decline in demand could lead to a recession in the retail sector, which, in turn, could have a cascading effect on other sectors of the economy. With household debt already at record levels, Australian consumers may not be able to sustain their spending levels, leading to a further decline in economic growth.

The second trend identified by Deloitte is the continued surge in Australia’s population. The report notes that despite the pandemic and the closure of international borders, the country’s population is expected to grow by around 80,000 people per quarter. This growth is predicted to be driven by the increase in births and the return of Australian citizens who have been stranded abroad.

While the population surge is undoubtedly a positive trend for Australian businesses, it also poses significant challenges. The report notes that the increase in population will put pressure on housing, infrastructure, and health services. Given the current state of these sectors, the report suggests that policymakers will need to take action to prevent a potential crisis.

Overall, Deloitte’s latest report provides a sobering assessment of the Australian economy’s prospects in the short to medium term. While the population surge is a positive development, the possibility of a consumer recession highlights the need for policymakers to remain vigilant and take targeted actions to support the recovery. As the country navigates through this challenging period, businesses will need to remain agile and adapt to the changing economic landscape to stay ahead.